Waec Accounts - Principles of Accounts 2020 Past Questions and Answers

Question 16:

• WAEC 2020

A computer set bought for150,000 was disposed of for N45,000 after some years of use. The profit on disposal was 7,500. Accumulated depreciation at the time of disposal was

A. 112,500
B. N105,000
C. N97,50o
D. N37,500

Question 17:

• WAEC 2020

Kwamenah bought goods worth Le 50,000 from Doe and Sons Limited on the following terms: 3% trade discount: 10% cash discount. Kwamenah returned defective goods worth Le 8,000 the next day and made payment for the remaining goods on the due date


The cash paid by Kwamenah was

A. Le 43,650
B. Le 43,500
C. Le 37,800
D. Le 36,660

Question 18:

• WAEC 2020

Kwamenah bought goods worth Le 50,000 from Doe and Sons Limited on the following terms: 3% trade discount: 10% cash discount. Kwamenah returned defective goods worth Le 8,000 the next day and made payment for the remaining goods on the due date.

Kwamenah would record the 10% discount in the


A. Sales journal
B. Cash book
C. Purchases journal
D. Journal proper

Question 19:

• WAEC 2020

Doe and Sons Limited would enter the 3% discount in the

A. Sales journal
B. Cash book
C. Purchases journal
D. Journal proper

Question 20:

• WAEC 2020

A partner who contributes capital but does not participate in the day-to-day running of the business is

A. An active partner
B. A limited partner
C. A nominal partner
D. A sleeping partner